GDB was fiscally irresponsible to keep voters happy: Kobre & Kim’s report on Puerto Rico

Puerto Rico’s Government Development Bank should renounce its dual role as fiscal agent and lender, an investigative report prepared by Kobre & Kim for the territory’s Financial Oversight and Management Board has suggested, as creditors in the island’s restructuring process try to prevent the bank from doing a US$4.1 billion out-of-court debt deal.